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PHOENIX REAL ESTATE MARKET UPDATE


Camelback Corridor – Central Avenue, Biltmore and Arcadia Summer 2015 -­‐ Tina Tamboer-­‐Gla4elter, Senior Real Estate Analyst | The Cromford Report


CAMELBACK CORRIDOR The Camelback Corridor is a diverse area that includes a variety of luxury real estate as well as smaller, charming homes with irriga-on, citrus trees and grassy yards. Over the years, there have been a number of infill subdivisions, mul--­‐family units and investor renova-ons that have transi-oned this area into a denser, more modern and popular area to live.


! The HOTTEST SPOT in the Camelback Corridor is 85013, just west of Central Avenue, with a median sales price of $213,500. It has 79 acLve lisLngs and 68 under contract.


! Warmer spots include 85014, 85016 and 85020 along the SR-­‐51 Corridor with median sale prices below $238,000 and within the popular Madison School District.


Apprecia-on in these zip codes is expected to improve over 2014 due to the lack of supply and increased demand under $300,000.


LUXURY MARKETS Luxury areas in the Camelback Corridor include Central Avenue, the Biltmore and Arcadia districts. Due to the higher price points over $300,000 and higher supply levels, these areas located in zip codes 85012, 85016 and 85018 are seeing more balanced advantage between seller and buyer at nego-a-on.


! Luxury buyers over $500,000 are the most acLve between March and June every year.


! It’s not uncommon to see luxury contract acLvity fall off nearly 40% between May and August as the temperature rises.


The 12-­‐month sales rate in the pre-­‐luxury and luxury price ranges over $500,000 have been steadily improving every month in this area. Corporate expansion in and around Downtown Phoenix, Tempe Town Lake, Old Town ScoWsdale and the I-­‐17 corridor have aWracted well-­‐paid execu-ves to the Camelback Corridor for its shorter commute and proximity to Sky Harbor Airport.


Camelback Corridor Zip Code


85012 85013 85014 85016 85018 85020


Median Sale Price


$345,000 $213,500 $235,000 $238,000 $384,500 $163,500


*AcLve for Sale


68 79


106 232 301 178


*Under Contract


20 68 59


104 121 100


Market Heat


Warm


HOTTER! Warmer Warmer Warm


Warmer *As of April 24th, 2015 Source: The Cromford Report


! April 2015 marked a record 32 contracts in escrow over $3,000,000 in the Valley. That’s nearly double the normal level of 16-­‐17.


Here are just a few of the companies that have expanded into the ScoWsdale Area in the last 16 months, as released by the Greater Phoenix Economic Council (GPEC):


! Accolade ! Global Business Travel


! Stonegate Mortgage ! Minitab ! Zivelo ! Weebly


! Outbound Engine ! Zenefits ! LearnVest ! SoluLon Stream Sorware


! Regional Acceptance Corp.


Areas such as Paradise Valley and North ScoWsdale have a higher than average percentage of proper-es over $1,000,000. This price point typically has high supply compared to the number of lis-ngs under contract and is considered cool compared to the other price ranges. The good news is that the luxury market is seeing consistent growth in the number of annual sales in 2015.


PHOENIX REAL ESTATE MARKET UPDATE


Scolsdale Summer 2015 -­‐ Tina Tamboer-­‐Gla4elter, Senior Real Estate Analyst | The Cromford Report


85020 85018 85253


SCOTTSDALE MARKET BY PRICE RANGE The ScoWsdale market is following the overall trend when analyzed by price range. Areas with average sale prices under $300,000 are very hot while those over $300,000 are warm or cool.


85016 85018


! The HOTTEST SPOT in Scolsdale is 85257, just south of Old Town, with an average sales price of $240,450.


! Warm spots include 85250 and 85251, surrounding Old Town and Scolsdale Fashion Square, in addiLon to 85254 and 85260, surrounding Scolsdale Quarter, the Airpark and 101 Corridor.


LUXURY MARKETS The luxury market does not respond to the same s-muli as the lower end markets. The lower markets do well with increased employment, favorable lending condi-ons and interest rates. The luxury market responds more to stock market performance, corporate profits and corporate reloca-on/expansion into the Valley.


85255 85254 85260 85258 85253 85250


85251 85257


85259


85262


Zip Code


85250 85251 85253 85254 85255 85257 85258 85259 85260 85262 85266


Median Sale Price


$299,900 $255,450


$1,437,500 $385,000 $638,000 $240,450 $435,000 $565,000 $330,000 $599,000 $676,500


*AcLve for Sale


154 348 448 303 739 94


382 273 279 536 270


*Under Contract


113 160 82


152 171 91


115 89


122 93 68


Market Heat


Warmer Warmer Cool


Warmer Warm


HOTTER Warm Warm


Warmer Cool


Warm *As of April 24th, 2015 Source: The Cromford Report


85014 85012 85013


85266


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